LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

South Korea's Asiana Airlines to receive $1.4 billion support from creditors

South Korean creditors plan to provide 1.6 trillion won ($1.40 billion) in financial support to debt-laden Asiana Airlines Inc, the country`s finance minister said on Tuesday, alleviating liquidity problems after a bruising month.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
South Korea's Asiana Airlines to receive $1.4 billion support from creditors
Asiana Airlines` biggest shareholder earlier this month said it would sell its entire stake of 564 billion won as of Monday`s closing share price, in response to creditors` rejection of an earlier request for support of 500 bn won. Image source: Reuters
Written By: Reuters
Updated: Tue, Apr 23, 2019
10:33 am
Reuters
RELATED NEWS
Engine problem forces Asiana Airlines plane to make emergency landing Engine problem forces Asiana Airlines plane to make emergency landing

South Korean creditors plan to provide 1.6 trillion won ($1.40 billion) in financial support to debt-laden Asiana Airlines Inc, the country`s finance minister said on Tuesday, alleviating liquidity problems after a bruising month. Asiana Airlines` biggest shareholder earlier this month said it would sell its entire stake worth 564 billion won as of Monday`s closing share price, in response to creditors` rejection of an earlier request for support of 500 billion won.

Creditors have now offered to buy Asiana Airlines` perpetual bonds worth 500 billion won and set a credit limit of 800 billion won, among other conditions, said Minister of Economy and Finance Hong Nam-ki. Speaking at a meeting, Hong also said creditors wanted top shareholder Kumho Industrial Co Ltd to sell its stake within this year.

State-funded Korea Development Bank, the lead creditor of Asiana Airlines - the country`s second-biggest carrier after Korean Air Lines Co Ltd - declined to comment. A spokesman for the parent group of both Asiana and Kumho Industrial said it will "do its utmost" to sell Asiana Airlines, adding that it expects to sign a preliminary deal with creditors later on Tuesday.

Watch Zee Business Live here:

Shares of Asiana Airlines and budget affiliate Air Busan Co Ltd, like those of across the industry, have been falling since crude oil prices reached six-month highs.  On Tuesday, Asian Airlines fell 4.6 percent, whereas Air Busan lost 5.8 percent. Kumho Industrial fell 3.6 percent.

Watch this Zee Business video here:

In March, auditors raised doubts about Asiana`s financial statements, after which the airline reported steeper losses and bigger debts, triggering warnings of credit-rating downgrades. Co-Chief Executive Park Sam-koo resigned to take responsibility. 
($1 = 1,139.9000 won)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Asiana AirlinesAviation
RELATED NEWS
Engine problem forces Asiana Airlines plane to make emergency landing Engine problem forces Asiana Airlines plane to make emergency landing

LATEST NEWS

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

US continues to see drop in new Covid cases

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

COVID-19: India records 18,711 new cases

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved